Elm and Rathmore, interesting you should mention the 'reverse...

Elm and Rathmore, interesting you should mention the 'reverse head & shoulders' as I too have seen that mentioned by a few analysts, though I have to disagree, but with good reason.

I can of course see the pattern that you are both refering to. However, Inverse Head & Shoulders patterns are reversal patterns. They are never anything else. The same for a standard H&S. The only way an inverse H&S pattern can form is after a decline, and the only way a H&S can form in after a rise.

See Here for H&S pattern requirements

So while I don't disagree with the shape of what you can see, it is not an inverse H&S and therefore there is no shoulder to form.

Cheers
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